COUNTY OF SAN MATEO

Inter-Departmental Correspondence

Treasurer-Tax Collector

DATE:

December 29, 2004

BOARD MEETING DATE:

January 25, 2005

SPECIAL NOTICE/HEARING:

None

VOTE REQUIRED:

Majority

TO:

Honorable Board of Supervisors

FROM:

Lee Buffington, Treasurer-Tax Collector

SUBJECT:

Resolution Declaring Unclaimed Monies In The County Treasury Property Of The County Of San Mateo And Transferring Said Unclaimed Monies To The County Treasurer And Public Administrator

RECOMMENDATION:

Adopt a resolution declaring unclaimed monies in the County Treasury property of the County of San Mateo and transferring said monies to the County Treasurer and Public Administrator.

VISION ALIGNMENT:

Commitment: Responsive, effective and collaborative government.

Goals #21 and #22: The collaborative efforts of the Treasurer and the Public Administrator to locate absent and missing heirs are in alignment with department and County visioning goals. The performance shows the yield rate comparing Pool 3, where the funds are held, and LAIF.

Performance Measure(s):

Measure

FY 2003-04
Actual

FY 2004-05
Projected

Pool 3 vs. LAIF

Pool 3

2.50%

2.50%

Local Agency Inv. Fund

2.00%

2.00%

BACKGROUND:

Government Code sections 50050 and 50051 declares unclaimed money, not belonging to a local agency, property of that local agency after three years and publication of a notice that the funds will become the property of the local agency on a designated date if no claims have been made. Pursuant to the procedures agreed upon by the Public Administrator and the Treasurer and approved by the County Manager, these funds are received from the Public Administrator’s Office and are shared equally as unanticipated revenue, as approved in Escheat Procedures Memorandum, “Exhibit B “. The last approval by the Board of Supervisors was on March 11, 2003, Resolution No. 065880.

DISCUSSION:

There is currently on deposit with the County Treasurer, in a fund entitled “Unknown Heirs”, $49,705.87 that has remained unclaimed for three years. The County Treasurer has caused the appropriate notice to be published in the form and manner provided by Government Code section 50050 and 50051, in the San Mateo County Times (Exhibit “A”). There have been no claims made against this fund and after exercising due diligence, the funds have become property of the County under state statute. It is requested that a resolution be approved declaring these funds property of the County and transferring these funds in equal amounts as unanticipated revenue to the Treasurer and the Public Administrator.

FISCAL IMPACT:

Unanticipated revenue for both the County Treasurer and Public Administrator. There is no Net County Cost.